Shiba Inu is living proof that decentralised meme-coins have a place in the cryptocurrency top 20.
The Shiba Inu token gave the most jaw-dropping ROI last year, growing 48,000,000% between January 1 and the SHIB all-time high in late October. It means an investment of just $10 of Shiba Inu in early January 2021 would have made you a millionaire within 10 months.
Can Shiba Inu do it again in 2022?
There are many reasons all signalling Shiba Inu will continue to increase in price, adoption and utility. But the monumental returns from a SHIB investment are very unlikely to make you a millionaire from $10 or even $100,000 investments.
We’ll be comparing the pros and cons of investing in Shiba Inu this July with EverGrow – a small market cap cryptocurrency ($60 million) with the potential for explosive growth that’s hard to find once tokens reach the crypto top 20.
Why did Shiba Inu explode in price last year?
Any crypto newcomers in 2022 will see Shiba Inu as an integral part of the crypto industry.
Backtrack just 12 months, and the story was very different.
Shiba Inu launched in late 2020 attributed to an anonymous ‘Ryoshi’ whose intention was to create an experiment in ‘spontaneous community building’. When Ryoshi stepped back to let the project develop by itself, he sent nearly half the Shiba Inu (SHIB) supply to Ethereum co-founder Vitalik Buterin.
Buterin felt uncomfortable with the control, so he burned 41.02% of all SHIB tokens and sent the remainder to a COVID relief fund in India.
Within days Shiba Inu rocketed from out of nowhere to a market cap nearing $14 billion. That’s the market cap of Cardano (ADA) in July 2022. Its sudden popularity sparked investor interest and, during the bull market late last year, Shiba Inu rocketed again to a market cap over $41 billion.
Sure, as a meme-coin Shiba Inu drew popularity from similarities to Dogecoin. But the reasons for Shiba Inu blowing up when countless other meme-coins remain in the shadows was thanks to a combination of timing, making headlines and a monumental, altruistic coin burn.
From early January to late October last year, Shiba Inu grew from $0.000000000168 to $0.00008 in price. That’s a percentage gain of nearly 48,000,000%.
Will Shiba Inu explode in price again this year?
It’s unlikely Shiba Inu will see explosive price growth again this year.
From the May all-time high to the October all-time high, Shiba Inu grew 129% in price. That’s a good return but it’s nothing close to 48,000,000%.
Small cap cryptocurrencies like EverGrow are far more likely to breakout in price this year. EverGrow has a current price of $0.000000149 and a market cap of $60 million. It’s also leading a new field of cryptocurrencies – rather than trying to make a name in the over-saturated meme-coin market.
EverGrow is a reflection token which charges a 14% transaction tax. From this tax, 8% is redistributed instantly to all investors, with 3% set aside for liquidity, 2% for buyback and burn and 1% for marketing.
The first reflection tokens arrived early last year and rewarded investors in a native token.
EverGrow is different.
Built on the BNB Chain, EverGrow rewards all investors in the BUSD stablecoin with more than $37.5 million paid out since launching in September last year. EverGrow also conducts regular coin burns with the 2% buyback and burn tax with 53% of the initial supply already removed from circulation.
Shiba Inu only burned 41.02% before breaking out in price – EverGrow is at 53% in July 2022 and primed for breakout once the bull market returns.
Pros of Shiba Inu investment this July 2022
Below we’ll look at some of the key developments in SHIB and reasons why Shiba Inu is a good investment this July 2022.
- Shibarium. Shiba Inu is expected to launch its own layer-2 blockchain network this year. Unlike Dogecoin, Shiba Inu is an ERC-20 token built on the Ethereum mainnet. The Shibarium will give Shiba Inu its own blockchain architecture and allow independent developers and users to build on it and participate in its validation process. Participating users and stakers will be rewarded in the BONE token. Once launched, the SHIB token and all Shiba Inu-related NFTs will move to Shibarium.
- Metaverse. Shiba Inu is also expected to launch its metaverse experience SHIB: The Metaverse. More than 100,000 virtual land plots have already gone on sale with thousands snapped up in anticipation of its launch. Shiba Inu lead developer Shytoshi Kusama (a pseudonym) announced the metaverse will be developed in partnership with a leading AAA game studio.
- Shiba Collectible Card Game. Gaming veteran William Volk (with years of experience at Activision and ROKiT Games) has been named as a lead on the upcoming Shiba Inu play-to-earn game. The game will have similarities with other collectible card games like Pokémon and Magic: The Gathering. There is also news that Australian studio PlaySide are involved in the game’s development. Players will earn the TREAT token as a reward.
- Shi. Shiba Inu will also roll out the Shi stablecoin to be used on the Shibarium layer-2 blockchain. Shi will have a $1 peg and be used to bring value and extra use cases to Shiba Inu.
- Whales. July 2022 also revealed another plus point for Shiba Inu – it is the second-largest holding among Ethereum whales after USDC. A total of 13.9% of the top 100 Ethereum whale wallets are in SHIB, while 18% is in USDC. Whales are key indicators to watch for bullish price momentum as it shows confidence among experienced investors an asset will increase in price.
Cons of Shiba Inu investment in July 2022
- Mystery. Shiba Inu is decentralised. Furthermore, the so-called lead developer Shytoshi Kusama uses a pseudonym and investors only learn of developments through sporadic articles on Medium. Kusama claims he cannot talk about SHIB: The Metaverse due to non-disclosure agreements. Information on the collectible card game and Shibarium are also shrouded in mystery. There’s no centralised hub keeping track of announcements and developments with Shiba Inu – meaning we’re almost relying on the words of an anonymous source.
- Dubious tokenmics. A lack of explanation can also lead to conclusions of dubious tokenomics. For example, the BONE token expected to be used for governance and gas fees on Shibarium has a limited supply of 250 million tokens, according to the Shiba Inu woofpaper. BONE is currently being distributed to users participating in staking and rewards activities on ShibaSwap, a decentralised exchange for Shiba Inu. How these tokens will be migrated to Shibarium and used for gas and governance is unclear.
- Competition. In the meme-coin space, Shiba Inu is only competing with Dogecoin for popularity. But in the metaverse, layer-2 blockchain and collectible play-to-earn gaming space, there is stiff competition. Shiba Inu will be pitting itself against the likes of Polygon, Decentraland, The Sandbox, Axie Infinity, STEPN and more. While Shiba Inu still has a dedicated following it remains to be seen how it will compete against these leading cryptocurrencies with a decentralised base and general anonymity among lead developers.
- Stablecoin dramas. There’s little information on how the Shi stablecoin will be backed up. The only information out there suggests that TREAT will play a role in maintaining the Shi $1 peg. This is not positive news after the dramatic collapse of TerraUSD in May. In the wake of Terra’s collapse, other algorithmic stablecoins quickly moved to back up their $1 peg with real US Dollar or other cryptocurrency reserves.
How EverGrow addresses Shiba Inu’s failings
By not competing with other leading tokens already in the crypto top 20, EverGrow is well placed for rapid adoption in 2022.
The collapse of the TerraUSD $1 peg as well as the Anchor Protocol it supported have put many off DeFi protocols offering fixed APY. Instead, EverGrow addresses the space with an infinitely scalable transaction tax which does not collapse during a bear market.
EverGrow is pushing the boundaries of transparency in the cryptocurrency space, with fully Doxxed core team members who regularly publish their EverGrow wallets ($EGC ticker) onto social media. This allows investors to audit promises the core team will never pump and dump their tokens, and also backs up claims the core team only earns a salary from BUSD rewards like any other investor.
The EverGrow whitepaper clearly set out the tokenomics of the $EGC token – nearly a year later, nothing has changed. There is no V2. The tokenomics are clear for all to see, and there’s no need for moving to a layer-2 blockchain because the BNB Chain is working just fine for EverGrow.
In terms of competition, EverGrow is launching utilities that compete with leaders in the field. But instead of going head-to-head with other cryptocurrency projects, the Crator content subscription platform will compete with brands like OnlyFans or Patreon while undercutting them on commissions thanks to the integration of cryptocurrency payments for creators.
The Abstract metaverse will also be the first cloud-streamed metaverse gaming experience on the market.
Instead of copying what others are already doing, EverGrow is pushing the expectations for what the cryptocurrency space can achieve.
Is Shiba Inu a good investment in July 2022?
Shiba Inu is not going anywhere fast.
While other tokens in the cryptocurrency top 20 crashed out this year (think LUNA, TerraUSD) Shiba Inu has climbed up from 15th to 14th place by market cap size. The confidence among Ethereum whales is also promising that Shiba Inu has a bright future in July 2022.
However, with no way of seeing how developments are going, Shiba Inu investing in July 2022 is largely speculation.
Shiba Inu success will depend on how much the anonymous core development team fulfil their promises, and how well their utilities perform once they hit the market.
If you’re looking for price breakouts like Shiba Inu enjoyed last year, EverGrow will be your better bet. The market cap is around where Shiba Inu was before it put in its first major all-time high.
At a current price of $0.000000149, EverGrow is a bargain that will diversify your portfolio and help you be part of crypto’s next frontier.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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